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Under What Circumstances You Should Buy Property in Sharjah?

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The cultural capital of Sharjah is famous for a lot of things. Although it may not boast an eccentric lifestyle in a manner that Dubai is known to offer, there are still many factors that make it a favourite destination for expatriates.

The emirate, apart from housing several renowned landmarks, has plenty of entrepreneurial and professional opportunities for those who are seeking. Also, the comparatively low living cost in Sharjah is one of the primary reasons why a lot of people move here every year. The growing number of apartments for sale in Sharjah clearly testify this fact.

Having said that, all those people who move to Sharjah need a place to live, and for this, there are two main options; buy a property or rent. Both these options come with pros and cons. However, buying a property is certainly more beneficial since it saves one from allocating a portion of their income as rent every month. It serves as an asset for them. However, since there’s no permanent residency in Sharjah, many people are reluctant to buy property here.

But, in certain circumstances, buying a property in Sharjah can actually benefit you a lot, more than staying in a rental place. Continue reading to find out more about these circumstances:

You Have Long-term Residency

The UAE government recently announced a 10-year, long-term, renewable visa scheme called The Golden Visa. Investors, businessmen and people with exceptional skills can get long-term residency in any emirate of the country along with their family members.

So, if you have received this visa from the UAE government, buying a property in Sharjah should be your next step. Since the visa is renewable, there will be no issue of having to leave the country while leaving your property behind.

Also, when you are a golden visa holder, the chances of your home loan applicant approval increase up to a great extent.

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You Have Set Up a Business

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According to recent regulations, entrepreneurs are not required to have a local sponsor on board when setting up a business in the UAE. This has resulted in an increased number of people pursuing entrepreneurship in Sharjah, Dubai and Abu Dhabi.

Now, setting up a business in Sharjah means living here for a considerable amount of time. Even if you have hired a business manager here, you will have to visit the emirate frequently. Living in a rental place for a long duration will only add to your expense list.  Of course, buying a home in Sharjah is going to cost you a lot, but it will be a one-time cost, provided you are making payment in cash. Even if you are taking the financing route, you will find it easier to manage payments if you have a good credit score.

You Want to Enter the Real Estate Market

There can be no better way to venture into the UAE real estate sector than buying a residential property in Sharjah. The reason? The demand is gradually rising. Even those who work in Dubai prefer to live in Sharjah as both these emirates are located close. Additionally, the significant living cost difference also makes it a suitable place to live, as Dubai is practically unaffordable for many people.

So, you can buy a property here in Sharjah and sell it at higher rates. If it’s located in a good area, you will find plenty of leads in a quick time. Or you can simply rent it out. It will give you a steady source of income.

There are different types of residential properties in Sharjah. However, if you want to buy it as an investment, look for apartments for sale. They acquire the maximum demand among all residential properties.

You’ve Familiarised Yourself with the Emirate’s Culture & Finalised it as Your New Home

Sharjah can be termed as a melting pot of various cultures, as people belonging to various regions and religions live here in perfect harmony. However, the emirate is somewhat conservative as compared to its neighbour – Dubai. Therefore, only consider moving here permanently, or for a long time, if you have accustomed yourself to the emirate’s diverse culture. Also, take into account the climate factor as well. The weather here remains warm almost throughout the year.

Final Thoughts

To sum it up, buying a property, be it in Sharjah or any other part of the world, is a huge investment. Therefore, you should consider various factors and take everything into account before taking the plunge. After all, thorough, initial research will help you in making an informed decision.

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